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MeneameThe average oil barrel price of US$8.51 to be used in the oil-for-shares deal between the Brazilian government and federal energy group Petrobras (NYSE: PBR) is expensive enough to fend off most minority shareholders from the capitalization process, Erick Scott Hood, an analyst at SLW Corretora, told BNamericas.
According to the Brazilian finance ministry, the oil-for-shares deal will be valued at US$42.5bn.
The Brazilian government will cede 5Bb of oil from pre-salt areas it controls in exchange for new Petrobras shares to be issued as part of the company's planned capital increase.
"Minority shareholders will have a hard time to keep their positions. Most of them will end up seeing their stakes diluted in the process," Hood said.
The oil to be used in the operation will come from six pre-salt fields: Tupi Sul, Florim, Tupi Nordeste, Guara, Franco and Iara. A seventh field, Peroba, could be used in case the others are insufficient to supply the 5Bb.
According to Hood's calculation, the government's stake in Petrobras might reach above 40% from the current 30%.
"The price is high, and minority shareholders were completely left out of the whole decision process. There might be some judicial disputes around the pricing system that could potentially delay the capitalization process, but sadly few people have the guts to challenge Petrobras," Adriano Pires, director of consultancy Centro Brasileiro de Infraestrutura (CBIE), told BNamericas.
Petrobras will publish the details of its share offer on September 3, the company said in a statement. The offering is still kept for September 30.
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